NEW DELHI — Gold and silver prices slipped slightly Friday as investors booked profits following recent record highs, while a stronger U.S. dollar also weighed on bullion markets.
MCX gold April futures fell 0.14% to ₹1,60,046 per 10 grams around 11:10 a.m. intraday. MCX silver May futures declined 0.19% to ₹2,67,448 per kilogram.
Analysts said the decline was limited by safe-haven demand driven by ongoing geopolitical tensions, including the U.S.-Iran conflict, while elevated crude oil prices continued to support precious metals.
Gold prices are currently being influenced largely by developments in the U.S.-Iran conflict, movements in the U.S. dollar and changes in oil prices, analysts said. They added that crude oil’s bullish trend, fueled by disruptions near the Strait of Hormuz, has strengthened the petro-dollar system, with gold often moving inversely to both oil and the dollar.
Persistent tensions involving the United States, Israel and Iran have pushed energy prices higher and raised inflation concerns, encouraging flows into the U.S. dollar and bond yields, said Manav Modi, commodities analyst at Motilal Oswal Financial Services Ltd.
Despite geopolitical uncertainty, bullion struggled to gain momentum as the stronger dollar, rising bond yields and uncertainty over the U.S. Federal Reserve’s policy outlook dampened sentiment, Modi said.
Ponmudi R, chief executive of Enrich Money, said gold has entered a short-term correction phase after touching record highs, though the broader bullish trend remains intact.
The consolidation has pushed prices below some short-term moving averages, signaling a temporary pause in upward momentum, he added.
Weakness in global equity markets also contributed to pressure on gold, as investors liquidated positions to raise cash and meet margin requirements during heightened market volatility.
The U.S. dollar strengthened 0.07% intraday to 99.81, making dollar-priced bullion more expensive for holders of other currencies.
Meanwhile, Brent crude traded at $99.99 per barrel, down 0.47%, while West Texas Intermediate crude fell 0.67% to $95.09 per barrel.
U.S. Treasury Secretary Scott Bessent said the U.S. government has issued a temporary authorization allowing countries to purchase Russian oil that is currently stranded at sea in order to increase available global supply.
Analysts said MCX gold has support in the ₹1,56,000–₹1,57,000 range and faces resistance around ₹1,75,000 and ₹1,80,000. Silver has support near ₹2,58,000–₹2,60,000 and resistance levels around ₹2,78,000 and ₹2,80,000. (Source: IANS)
